cgt from 9 year ago

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oaky9

Registered User
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revenue have informed me i owe cgt from 1999 can they go back that far, i thought they can only go back 6 years
 
You can go back 4 years, you have to keep records for 6 years but revenue can go back forever. You will not only owe the tax but the interest and penalties. By the way how did this come to light.
 
if i received 50k how much penalties and interest would be charged on the cgt since 1999 approx would help.
 
oaky9 said:
if i received 50k how much penalties and interest would be charged on the cgt since 1999 approx would help.
Click to expand...

Insufficient information provided for a meaningful reply. Receiving 50K (£ or € ? ) is only part of the equation.You need to be more specific as to the asset disposed of & the amounts involved.
CGT is based on
{ [Net proceeds of sale less indexed (to 2002) cost ] - Personal exemption } x rate of CGT in force . Interest at Revenue rates prevailing is then added. Penalties depend on how this has come about. Unprompted disclosure gets a lesser penalty than if Revenue have to chase it.
 
thanks for your answer graham it was in pounds and it will be an unprompted disclosure which will be a help as revenue are only just questioning me not chasing it up yet.
 
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